Discover an easy way to tackle your financial issues head on and make real day-by-day progress towards become debt free once and for all.
How a Rubber Band Can Change Your Life
It’s very easy to get into debt, but frustratingly difficult to get out of it. Somehow, there are always other things to focus on that seem more important. We have great intentions, but dealing with debt is difficult, and difficult things always get put off until tomorrow.
But it doesn’t have to be that way. There is a simple technique you can use to start getting your debt problems under control. It’s not a magic wand that will make all your financial problems go away. But it is a simple and effective way of turning your finances around, and making real progress towards the day you finally become debt free.
And all you need is a rubber band.
It doesn’t have to be anything special. Any old rubber band you can find lying around will do the job, as long as it fits comfortably around your wrist.
The Power of the Rubber Band Method
You will find it hard to believe how simple this method is. Yet amazingly, it works really well. This is what you have do.
Tomorrow morning, start the day by putting the rubber band on your wrist – it doesn’t matter which one. Your goal for that day is simply to move the rubber band from that wrist to the other one. Sounds easy, right?
But there is a catch. You are only allowed to move the rubber band to the other arm when you have accomplished something towards reducing your debts. It doesn’t have to be a big achievement. A small step in the right direction is good enough. Once you have done that, you can move the rubber band.
The next day, your goal is to move the rubber band back to the original wrist. But of course, you can only do this when you have taken one more small step towards becoming debt free. You keep on repeating this process, day after day.
Why This Method Works
You may think that this technique sounds just too simple to be effective. But it works because you are forcing a small discipline upon yourself. And getting rid of debt is all about being disciplined on a regular basis. That small daily dose of encouragement will be enough to set you on the road to financial freedom.
After the first few days, you will probably find yourself thinking of whole new ways you can improve your finances, and thereby justify moving the band from wrist to wrist.
Actions That Can Move the Rubber Band
There are many different things you can do to cut your debts and improve your finances – and thereby justify moving the band to the other wrist. Here are a few ideas to get you started:
- Pay off one or more of your regular bills
- Make a small debt repayment
- Get rid of unnecessary expense
- Sell an item you don't need
- Add a small amount to your emergency fund
- Go through your credit card statement and look for expenses you can cut out
- Track your spending carefully for a whole day
- Downgrade an expense to a cheaper option
- Plan how you will celebrate becoming debt free
- Ask for a discount on something you normally pay full price for
- Sit down and work out a budget
- Make your own lunch instead of eating out
- Look in the mirror and say, 'I only spend money I already have.'
Do This Every Single Day
This technique is about as simple as it can get, and it can be extremely effective. However, it only works if you do it every single day. Don’t allow yourself the luxury of cheating at weekends, or when you are busy. The power of the method lies in the daily progress you continue to make.
If you struggle with making this commitment, then enlist a buddy to help you. This could be your partner, or a friend, or a member of your family. Every day, you have to explain to your buddy what you have done to deserve to move the rubber band.
Keep Going Until You Are Debt Free
If you have a lot to debt to clear, then this is going to be a long-term commitment. You must be prepared to keep doing this until all of your debts are gone, no matter how long it takes. You might get though quite a lot of rubber bands along the way, but it will all be worth it when are finally clear of the burden that debt causes you.